A brand-new fintech company which I was introduced to earlier this year. Currensea Prepaid Card Countries…
It has won a couple of awards over current months for what it does (providing you a low-cost method to invest abroad) however what I like about is that it is basic as hell. This is a good thing.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing current account. There is nothing to top-up or prepay. You just spend as you would on a typical debit card and the money is taken from your bank account– simply without the typical 3% cost.
Oh, and is totally free to get, which likewise helps.
There are also some intriguing travel benefits if you select a paid strategy, however the free strategy works fine. You can apply here.
There is a company design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and totally free or cheaper than the competition
include a growing number of functions which your existing customers don’t really require or desire
add costs, limitations or charges to the feature that made people get your item in the first place, eliminating any competitive advantage
is presently still in Stage 1 of this procedure and will ideally stay there. Curve, monzo and revolut are already in Phase 3 …
is basic enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Prepaid Card Countries
It is a complimentary direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% cost.
You don’t (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you do not need a card, unless you want free ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX fees are few and far between. The only ‘points and miles’ options which use a partial solution are the Virgin Atlantic charge card which have 0% FX fees in the Euro zone.
IS potentially for you if:
you don’t have a credit card offering 0% FX charges and do not want to affect your credit report by getting another credit card particularly to utilize abroad
you want a product which allows you to make , 500 of foreign currency ATM withdrawals per month with no fees and just a minimal FX mark-up (there is a small cost beyond , 500).
you desire a product for you, your adult kids, moms and dads, partner or anybody else in your life who requires a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I said previously, an extremely basic procedure. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank automatically validates that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending on the currency. includes a 0.5% charge if you have the complimentary card. There are no costs if you have one of their paid cards.
You get an automatic spend notice via the app, if you pick to install it.
The cash is taken from your bank account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I decided to splash out and buy 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later:.
But transforming pounds was costly.
A pet peeve of mine is when ATMs forewarn you about the daylight robbery that is just about to occur (typically in a different language) while not telling you about the inflated currency conversion costs happening in the background. Do not get me began. Anyway back to the positives for a bit anyhow.
In recent years a handful of great travel debit cards have popped onto the scene … and like other terrific cards Currensea promises huge cost savings (85%) and a great app.
I think the best bit might be what no other card does: links to your existing high street bank account.
What this implies is you can spend money you have in your existing bank account with less fret about running out of cash and the additional action. But that does not suggest it is best.
In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.
While our premium strategies have no FX markup, we charge a small FX markup on our Essential Plan of 0.5% per deal, permitting us to make income from our Necessary Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the complimentary quantity on all our plans, complete details can be found on our pricing strategies.
We charge an annual membership cost of , 25 for our Premium Strategy, and , 120 for our Elite Plan. The subscription charge likewise removes all FX markup on transactions.
Every time you spend with your card we receive a little % of the deal, referred to as interchange, this comes directly from the merchant and won’t be credited you. Currensea Prepaid Card Countries